Renewable Energy Storage Market Size, Share, Growth, And Industry Analysis, By Type (Solar, Wind, Hybrids and Others), By Application (Commercial and Government), Regional Forecast To 2031

Updated On: 01 April 2024

Renewable Energy Storage Market Report Overview

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The global Renewable Energy Storage market size was USD 76.644 billion in 2021. As per our research, the market is expected to reach USD 1,913.62 billion in 2031, exhibiting a CAGR of 35.22% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the caffeine powder market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Energy can be stored when it is available and delivered to the grid when needed due to the application of renewable energy storage batteries in alternative electricity generating systems (solar photovoltaic, wind, or water power systems) the factors that have fuelled the demand for energy storage in these countries, as well as what utilities and policymakers have been doing to define battery storage, create markets for energy storage, and support ongoing deployment, with a focus on renewable  storage, which is currently the leading technology. 

COVID-19 Impact: Pandemic Hamper the Demand of the Renewable Storage Market

Lockdown measures taken in response to the COVID-19 pandemic led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and electrical utilities, which reduced the demand for electricity from these customers. Additionally, it is anticipated that the lack of laborers and the widening demand-supply imbalance would prevent the creation and construction of new electric utility infrastructures, renewable power plants, grid networks, and other power plants, which will hinder market growth during the pandemic period. As a result, market growth decreased. But it's anticipated that the demand for renewable energy storage market growth will rebound.  

Latest Trends

"Increasing Demand in the Grid Energy Storage to Fuel Market Growth"

The most common renewable energy sources that are stored in grids are solar and wind energy. However, fluctuations in the energy production process result from the sun being blocked by clouds or shifting wind currents. Due to these variations, flexible grid systems that store energy are necessary. The grid modernisation process is increasingly dependent on battery energy storage devices. When the amount of electricity generated exceeds the amount of electricity needed, these solutions assist grid operators in saving electricity. About the generation, transmission, and distribution of electric power, the use of these systems enhances the dependability and flexibility of electricity supply systems.

Renewable Energy Storage Market Segmentation

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• By Type Analysis

According to type, the renewable energy storage market can be segmented into Solar, Wind, Hybrids and Others.  

In terms of type, the Solar segment is anticipated to be the largest segment during the forecast period. 

• By Application Analysis

Based on application, the renewable energy storage market can be divided into Commercial and Government.  

In terms of application, Commercial is projected to hold the largest market share through 2028.

Driving Factors

"Rural Electrification Project in the Rural Area to Increase Market Demand"

Making electrical power available in rural or distant locations is known as rural electrification. Systems that store energy in batteries are efficient for electrifying rural areas. Many nations are working to develop their off-the-grid territories, including small islands cut off from the national grids, isolated rural and peri-urban areas, and peri-urban areas, particularly in developing nations. As a result, they need a consistent and uninterrupted power supply from renewable and conventional energy sources, which boosts system efficiency overall and secures financial savings throughout the system life cycle. Installing battery energy storage systems in remote locations would provide a secure and dependable source of electricity for nearby businesses and people.

"Increasing Demand for Hydro Storage Power led to Rise of Market Growth"

Due to a surge in demand for pumped hydro storage power generation globally, the renewable energy storage market share is large in number, when analysed by technology. Government programmes to promote the production of renewable energy are also anticipated to fuel market expansion during the studied time. Additionally, it is anticipated that an increase in electricity consumption would fuel market expansion in the upcoming years.

Restraining Factors

"High Capital Expenditure Required Battery Energy led to Restrict Market Growth"

Due to their high energy density and enhanced performance, battery energy storage technologies like lithium-ion batteries, flow batteries, and lead-acid batteries all require higher installation investments. Due to their high energy density, low rate of self-discharge, and low maintenance needs, lithium-ion batteries are expensive. However, it is anticipated that lithium-ion battery prices would decrease in the future. These batteries have a huge capacity and are lightweight and small, making them suitable for use in electric vehicles (EVs). Additionally, a significant barrier to the market's expansion may be the high initial investment costs necessary to produce flow batteries.  

Renewable Energy Storage Market Regional Insights

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"Growing Demand in North America Anticipated to Boost Market Expansion "

Due to its highly developed healthcare infrastructure and highly regulated healthcare industry, North America held the largest electronic sphygmomanometer market share in the forecast period. The main element anticipated to contribute to the industry growth of blood pressure monitoring devices in the upcoming years is increasing investments in the development of precise and efficient BP monitors. Additionally, the introduction of new products and technical developments are anticipated to further support market expansion. For instance, Welch Allyn Spot Vital Signs 4400, an easy-to-use next-generation vital signs equipment, was just commercially released, according to a press release from Hill-Rom. Its purpose is to improve the identification of hypertension in ambulatory and emergency department settings.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market such asInvenergy, NEC Energy Solutions, Tesla, Parker Hannifin, ComEd, GreenSmith Energy Management Systems, Xtreme Power, Sonnen GmbH, Eos Energy Storage. Most of the top players hold the experiential marketing service market shares. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the renewable energy storage market.

List of Market Players Profiled

• Invenergy (U.S.)
• NEC Energy Solutions (U.S.)  
• Tesla (U.S.) 
• Parker Hannifin (U.S.) 
• ComEd (U.S.) 
• GreenSmith Energy Management Systems (U.S.) 
• Xtreme Power (U.S.) 
• Sonnen GmbH (Germany)
• Eos Energy Storage (U.S.) 
• RES (U.K.) 
• Samsung SDI (South Korea)
• GE Energy (U.S.) 
• LG Chem (South Korea)
• Vivint Solar, Inc. (South Korea)
• NextEra Energy Resources (U.S.) 
• BYD Company (China)
• Fluence (U.S.) 
• Greenko Group (India)

Report Coverage

This report examines an understanding of the renewable energy storage market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.